One of the reasons why businesses use the informal succession method is the emotional aspect of having to judge the CEO based on his performance (Cheloha, 2009). Since electing a new successor who is similar to the predecessor or has high potential within the organization can be risky, the board of directors must be cautious about hurting other people's feelings when they neglect someone (Cheloha, 2009). Furthermore, if the new successor were to leave, his other loyal “crème de la crème” could leave with him and leave many more vacancies to fill (Cheloha,